Section 18-306 – Recreation Tax for Prince George’s County
(a) The tax required under this section applies to property in Prince George’s County. (b) Each fiscal year, Prince George’s County shall impose on each $100 of assessed valuation of: (1) real property, a tax for recreation of at least 2 cents; and (2) personal property and operating real property described in § 8–109(c) of the Tax – Property […]
Section 18-202 – Construction of Subtitle
A requirement for signature under this subtitle may be satisfied by manual or facsimile signature.
Section 18-203 – Bonds — in General
(a) The Commission may issue and sell bonds in amounts necessary for the purposes under subsection (b) of this section and under regulations the Commission determines. (b) The Commission may issue the bonds to pay for the acquisition of property in the metropolitan district for the purposes of § 17–101(b) of this article. (c) The Commission may issue […]
Section 18-204 – Bonds — Full Faith and Credit; Liability
(a) The bonds shall be issued on the full faith and credit of the Commission and the county guaranteeing the bonds. (b) (1) If the Commission decides to spend the proceeds of a bond issue throughout the metropolitan district, Montgomery County and Prince George’s County shall guarantee the payment of principal of and interest on the bonds. (2) The […]
Section 18-205 – Bonds — Use of Proceeds
(a) Subject to subsections (b) and (c) of this section, if the proceeds of a bond issue are to be expended throughout the metropolitan district, the proceeds shall be expended in the portion of each county in the metropolitan district in the proportion that the assessable base of that portion of either county bears to the […]
Section 18-206 – Revenue Bonds
(a) (1) To accomplish the purposes under § 18–203(b) of this subtitle, the Commission may issue bonds to finance the cost of revenue–producing facilities in Montgomery County or Prince George’s County, including: (i) the cost of acquiring or constructing a facility; (ii) the cost of enlarging, improving, remodeling, or restoring an acquired facility; (iii) the cost of surveys, studies, drawings, […]
Section 18-207 – Refunding Bonds
(a) If any bonds are issued under this title subject to redemption or repurchase, the Commission may: (1) redeem or repurchase the bonds at the stated redemption prices plus accrued interest; and (2) issue and sell refunding bonds as provided under this section to provide funds for the redemption or repurchase. (b) (1) The refunding bonds may be: (i) issued in […]
Section 18-208 – Tax Anticipation Notes
(a) (1) The Commission may borrow money to meet its expenses, including debt service for any bonds issued under this title, within either county by issuing tax anticipation notes. (2) The tax anticipation notes shall: (i) bear interest at an annual rate that the Commission determines to be advantageous and in the public interest; and (ii) be signed by the […]
Section 18-209 – Pledge of Tax Proceeds
(a) The revenues derived from the collection of the taxes authorized under this title shall pay the principal of and interest on bonds issued under this title. (b) (1) If the revenues from the taxes are inadequate to pay the principal of and interest on the bonds, the county guaranteeing the bonds shall impose, in each year the […]
Section 18-210 – Tax Status of Bonds
The principal amount of bonds issued under this title, the interest on the bonds, transfer of the bonds, and any income derived from the bonds, including any profit from the sale or transfer of the bonds, are exempt from State and local taxes.